Petrobras – Page 2 – Oil & Gas 360

Petrobras shares swing “wildly” amidst reports that CEO Jean Paul Prates departure is near

April 4, 2024

World Oil (Bloomberg) – Petroleo Brasileiro’s shares swung wildly on Thursday as traders digested local media reports on the impending departure of Chief Executive Officer Jean Paul Prates and the prospect of future dividend payments. Petrobras, as the state-controlled oil giant is known, climbed as much as 3.4% in Sao Paulo in a volatile session. The stock fell sharply after

Petrobras sends production team to Venezuela despite looming oil sanctions

March 11, 2024

World Oil (Bloomberg) – Brazilian state-controlled oil giant Petrobras sent a team of production specialists to Venezuela at the request of Nicolás Maduro, whose administration is welcoming oil majors despite U.S. sanctions threats on its oil industry. The Petrobras delegation visited oil fields in Lake Maracaibo this week in what people familiar with the matter described as a courtesy trip.

Petrobras loses over $10 billion in market cap after dashing dividend hopes

March 8, 2024

Yahoo Finance Petrobras has been a major cash cow for its shareholders in recent years, including the Brazilian government, with the prior management paying out far more than Western oil major peers. Under new management picked by President Luiz Inacio Lula da Silva, the company had pared back its payouts, but an extraordinary dividend was still widely expected in the

Argentine oil company YPF privatization scrapped from reform bill- oil and gas 360

Petrobras to start expanding into wind and solar this year

January 23, 2024

Oil Price Brazil’s state oil major Petrobras is this year set to go on a shopping spree in wind and solar, its chief executive told Reuters this week. The company aims to build a portfolio of stakes in wind and solar projects to the tune of 2 GW, Jean Paul Prates told the news outlet in an interview. “The market will see

Brazil to join OPEC+ but won’t cap oil output, Petrobras CEO says

December 1, 2023

Nasdaq RIO DE JANEIRO – Brazil is expected to join the OPEC+ group of oil-producing countries in January but would not take part in the group’s coordinated output caps, the chief executive of state-run oil firm Petrobras PETR4.SA told Reuters. The group’s surprising announcement on Thursday that the South American nation would join it raised immediate questions on whether Brazil would take part

Petrobras studies Chevron’s re-entry into Venezuela to develop new oil projects

October 4, 2023

World Oil (Bloomberg) – Petrobras is studying how Chevron Corp. managed to resume operations in Venezuela to see if it makes sense for Brazil’s state-controlled oil company to reenter the oil-rich nation, Chief Executive Officer Jean Paul Prates said. It makes “geopolitical sense” for Petrobras to look at expanding into Venezuela and Bolivia because they are neighboring countries with vast

Petrobras has high hopes for refining, pre-salt discoveries

May 15, 2023

Oil Price Brazilian-controlled oil company Petrobras has high hopes for increasing its refining capacity and its Curacao pre-salt discovery, company officials said on Friday. In a Friday webcast for investors, Petrobras director of industrial processes and products William Franca said that the company has the potential to increase its refining capacity by as much as a half a million barrels

Petrobras braces for attacks on refineries

January 9, 2023

Oil Price Brazil’s state oil major Petrobras has stepped up security at its refineries in response to threats of attacks on the infrastructure, Reuters has reported, citing unnamed sources. The threats come as supporters of Brazil’s previous president, Jair Bolsonaro, stormed Brazil’s Congress, the presidential palace, and the Supreme Court this weekend. The riots first erupted following the narrow victory of President

Petrobras sheds $41 billion in market value in 2 months

December 15, 2022

Oil Price Shares of leading Brazilian National Oil Company (NOC) Petroleo Brasileiro SA aka Petrobras (NYSE: PBR) lost R$30 (~US$5.6) billion in market value on Wednesday after the country’s lower house of Congress voted late on Tuesday to make it easier for politicians to take roles at state-run firms. The preferred shares of the oil and gas giant dropped 7.9% on Tuesday’s session, while the common shares fared

Brazil transition team asks Bolsonaro govt to halt Petrobras asset sales

November 22, 2022

Investing The transition team for Brazil’s President-elect Luiz Inacio Lula da Silva asked the current administration to halt ongoing asset sales by state-run oil giant Petrobras until a new Mines and Energy Minister is appointed, a member of the group said on Tuesday. The remarks by Professor Mauricio Tolmasquim, tapped last week to participate in the mining and energy

Brazil’s Petrobras swaps CEOs amid political blowback on fuel prices

June 20, 2022

Nasdaq SAO PAULO, June 20 – The chief executive of Brazil’sstate-run oil company Petrobras PETR4.SAresigned on Monday in the face of mounting pressure from politicians after the firm announced a fuel price hike last week, adding to inflation concerns in an election year. Petroleo Brasileiro SA, as the company is formally known, said in a securities filing that Chief Executive

Exclusive: U.S. asked Brazil’s Petrobras if it could raise oil output; it said no

May 10, 2022

Reuters U.S. government officials in March asked Brazil’s state-run oil company Petrobras whether it could increase crude output after Russia’s invasion of Ukraine sent global prices soaring, three people with knowledge of the matter told Reuters. They came away empty-handed, the sources said. Officials at Petrobras, formally Petroleo Brasileiro SA, said output levels were a function of business strategy rather than diplomacy and also

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